Valero Energy (VLO) 10-Q29 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 23, 2021
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 2021
Document transition report	false
Entity file number	001-13175
Entity registrant name	VALERO ENERGY CORP/TX
Entity incorporation, state or country code	DE
Entity tax identification number	74-1828067
Entity address, address line one	One Valero Way
Entity address, city or town	San Antonio
Entity address, state or province	TX
Entity address, postal zip code	78249
City area code	210
Local phone number	345-2000
Title of 12(b) security	Common stock
Trading symbol	VLO
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		408,823,430
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2021
Document fiscal period focus	Q2
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 3,572	$ 3,313
Receivables, net	9,132	6,109
Inventories	6,103	6,038
Prepaid expenses and other	565	384
Total current assets	19,372	15,844
Property, plant, and equipment, at cost	47,852	46,967
Accumulated depreciation	(17,391)	(16,578)
Property, plant, and equipment, net	30,461	30,389
Deferred charges and other assets, net	5,623	5,541
Total assets	55,456	51,774
Current liabilities:
Current portion of debt and finance lease obligations	1,044	723
Accounts payable	10,168	6,082
Accrued expenses	1,286	994
Taxes other than income taxes payable	1,537	1,372
Income taxes payable	179	112
Total current liabilities	14,214	9,283
Debt and finance lease obligations, less current portion	13,636	13,954
Deferred income tax liabilities	5,142	5,275
Other long-term liabilities	3,760	3,620
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7	7
Additional paid-in capital	6,819	6,814
Treasury stock, at cost; 264,676,548 and 265,096,171 common shares	(15,696)	(15,719)
Retained earnings	27,610	28,953
Accumulated other comprehensive loss	(1,089)	(1,254)
Total Valero Energy Corporation stockholders’ equity	17,651	18,801
Noncontrolling interests	1,053	841
Total equity	18,704	19,642
Total liabilities and equity	$ 55,456	$ 51,774

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	673,501,593	673,501,593
Treasury stock, common shares	264,676,548	265,096,171

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues	[1]	$ 27,748	$ 10,397	$ 48,554	$ 32,499
Cost of sales:
Cost of materials and other		25,249	9,079	44,241	29,031
Lower of cost or market (LCM) inventory valuation adjustment		0	(2,248)	0	294
Operating expenses (excluding depreciation and amortization expense reflected below)		1,214	1,027	2,870	2,151
Depreciation and amortization expense		576	566	1,142	1,135
Total cost of sales		27,039	8,424	48,253	32,611
Other operating expenses		12	3	50	5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		176	169	384	346
Depreciation and amortization expense		12	12	24	25
Operating income (loss)		509	1,789	(157)	(488)
Other income, net		102	27	147	59
Interest and debt expense, net of capitalized interest		(150)	(142)	(299)	(267)
Income (loss) before income tax expense (benefit)		461	1,674	(309)	(696)
Income tax expense (benefit)		169	339	21	(277)
Net income (loss)		292	1,335	(330)	(419)
Less: Net income attributable to noncontrolling interests		130	82	212	179
Net income (loss) attributable to Valero Energy Corporation stockholders		$ 162	$ 1,253	$ (542)	$ (598)
Earnings (loss) per common share (in dollars per share)		$ 0.39	$ 3.07	$ (1.34)	$ (1.48)
Weighted-average common shares outstanding (in shares)		407	406	407	407
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ 0.39	$ 3.07	$ (1.34)	$ (1.48)
Weighted-average common shares outstanding – assuming dilution (in shares)		407	407	407	407
Supplemental information:
Includes excise taxes on sales by certain of our international operations		$ 1,422	$ 784	$ 2,542	$ 2,152

[1]	Includes excise taxes on sales by certain of our international operations of $1,422 million and $784 million for the three months ended June 30, 2021 and 2020, respectively, and $2,542 million and $2,152 million for the six months ended June 30, 2021 and 2020, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss)	$ 292	$ 1,335	$ (330)	$ (419)
Other comprehensive income (loss):
Foreign currency translation adjustment	69	138	145	(469)
Net gain on pension and other postretirement benefits	13	12	28	24
Net gain (loss) on cash flow hedges	(7)	(25)	3	4
Other comprehensive income (loss) before income tax expense (benefit)	75	125	176	(441)
Income tax expense (benefit) related to items of other comprehensive income (loss)	2	(1)	9	5
Other comprehensive income (loss)	73	126	167	(446)
Comprehensive income (loss)	365	1,461	(163)	(865)
Less: Comprehensive income attributable to noncontrolling interests	127	70	214	181
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	$ 238	$ 1,391	$ (377)	$ (1,046)

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions	Total	Valero Energy Corporation Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interests [Member]
Balance as of beginning of period at Dec. 31, 2019	$ 22,536	$ 21,803	$ 7	$ 6,821	$ (15,648)	$ 31,974	$ (1,351)	$ 733
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	(419)	(598)				(598)		179
Dividends on common stock	(801)	(801)				(801)
Stock-based compensation expense	36	36		36
Transactions in connection with stock-based compensation plans	(15)	(15)		(33)	18
Open market stock purchases	(130)	(130)			(130)
Distributions to noncontrolling interests	(127)							(127)
Other comprehensive income (loss)	(446)	(448)					(448)	2
Balance as of end of period at Jun. 30, 2020	20,634	19,847	7	6,824	(15,760)	30,575	(1,799)	787
Balance as of beginning of period at Mar. 31, 2020	19,685	18,842	7	6,814	(15,764)	29,722	(1,937)	843
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	1,335	1,253				1,253		82
Dividends on common stock	(400)	(400)				(400)
Stock-based compensation expense	12	12		12
Transactions in connection with stock-based compensation plans	2	2		(2)	4
Distributions to noncontrolling interests	(126)							(126)
Other comprehensive income (loss)	126	138					138	(12)
Balance as of end of period at Jun. 30, 2020	20,634	19,847	7	6,824	(15,760)	30,575	(1,799)	787
Balance as of beginning of period at Dec. 31, 2020	19,642	18,801	7	6,814	(15,719)	28,953	(1,254)	841
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	(330)	(542)				(542)		212
Dividends on common stock	(801)	(801)				(801)
Stock-based compensation expense	41	41		41
Transactions in connection with stock-based compensation plans	(13)	(13)		(36)	23
Distributions to noncontrolling interests	(2)							(2)
Other comprehensive income (loss)	167	165					165	2
Balance as of end of period at Jun. 30, 2021	18,704	17,651	7	6,819	(15,696)	27,610	(1,089)	1,053
Balance as of beginning of period at Mar. 31, 2021	18,727	17,801	7	6,810	(15,700)	27,849	(1,165)	926
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	292	162				162		130
Dividends on common stock	(401)	(401)				(401)
Stock-based compensation expense	13	13		13
Transactions in connection with stock-based compensation plans	0	0		(4)	4
Other comprehensive income (loss)	73	76					76	(3)
Balance as of end of period at Jun. 30, 2021	$ 18,704	$ 17,651	$ 7	$ 6,819	$ (15,696)	$ 27,610	$ (1,089)	$ 1,053

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.98	$ 0.98	$ 1.96	$ 1.96

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (330)	$ (419)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	1,166	1,160
LCM inventory valuation adjustment	0	294
Gain on sale of partial interest in MVP Terminalling, LLC (MVP)	(62)	0
Deferred income tax expense (benefit)	(136)	223
Changes in current assets and current liabilities	1,251	(478)
Changes in deferred charges and credits and other operating activities, net	67	(93)
Net cash provided by operating activities	1,956	687
Cash flows from investing activities:
Proceeds from sale of partial interest in MVP	270	0
Investments in unconsolidated joint ventures	(9)	(29)
Other investing activities, net	24	12
Net cash used in investing activities	(836)	(1,339)
Cash flows from financing activities:
Purchases of common stock for treasury	(15)	(147)
Common stock dividend payments	(801)	(801)
Distributions to noncontrolling interests	(2)	(127)
Other financing activities, net	2	(17)
Net cash provided by (used in) financing activities	(866)	435
Effect of foreign exchange rate changes on cash	5	(47)
Net increase (decrease) in cash and cash equivalents	259	(264)
Cash and cash equivalents at beginning of period	3,313	2,583
Cash and cash equivalents at end of period	3,572	2,319
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(261)	(555)
Deferred turnaround and catalyst cost expenditures	(426)	(437)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	0	1,799
Repayments of debt and finance lease obligations	(63)	(432)
Variable Interest Entities (VIEs) [Member]
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	16	163
Repayments of debt and finance lease obligations	(3)	(3)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(398)	(177)
Deferred turnaround and catalyst cost expenditures	(1)	(10)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	$ (35)	$ (143)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of our results for the six months ended June 30, 2021 have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The financial statements presented herein should be read in conjunction with the financial statements included in our annual report on Form 10-K for the year ended December 31, 2020. The balance sheet as of December 31, 2020 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020. Reclassifications Certain prior year amounts presented in Note 11 have been reclassified to conform to the 2021 presentation. The change was due to the reclassification of amounts for income taxes receivable from prepaid expenses and other to “receivables, net.” Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Adoption of Accounting Pronouncement The following Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) was issued and adopted by us on January 7, 2021. Our adoption of this ASU did not have a material impact on our financial statements or related disclosures. ASU Basis of 2021-01 Reference Rate Reform (Topic 848): Scope Prospectively

Uncertainties

Uncertainties	6 Months Ended
Uncertainties	Jun. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]
UNCERTAINTIES (COVID-19)	2. UNCERTAINTIES At the onset of the COVID-19 pandemic in March 2020, governmental authorities around the world imposed restrictions, such as stay-at-home orders and other social distancing measures, to slow the spread of COVID-19. These measures resulted in significant economic disruption globally as reduced economic activity negatively impacted many businesses, including our business. We experienced a decline in the demand for most of the transportation fuels that we produce and sell, and thus also a decline in the market prices of those products, due to a decrease in the level of individual movement and travel resulting from the restrictions and general public health concerns. Some governmental authorities began lifting restrictions in the latter part of 2020 and this has continued throughout the first six months of 2021. These actions have contributed to increasing levels of individual movement and travel and a resulting increase in the demand for and market prices of our products. However, some governmental authorities continue to impose, or have recently reimposed, some level of restrictions due in part to new outbreaks, including those related to new variants of the COVID-19 virus. The distribution of vaccines beginning in late 2020 has helped decrease rates of infection and contributed to the lifting of many restrictions. The ongoing distribution of vaccines may result in the continued lifting of restrictions globally and may be seen as a key factor contributing to the ongoing restoration of public confidence, and thus also to stimulating and increasing global economic activity. However, the risk remains that vaccines may not be distributed widely on a timely basis, they may not be as effective against new variants of the virus, the distribution of some or all of the vaccines may be paused or withdrawn due to concerns with potential side effects, and/or the level of individuals’ willingness to receive a vaccine may not be as strong or as timely as needed. Based on these and other circumstances that cannot be predicted, the broader implications of the pandemic on our results of operations and financial position remain uncertain and may continue to be significant. We believe we have proactively responded to many of the known impacts of the pandemic on our business to the extent practicable and we strive to continue to do so, but there can be no assurance that these or other measures will be fully effective.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,272 $ 1,979 Refined petroleum products and blendstocks 3,173 3,425 Renewable diesel feedstocks and products 28 50 Ethanol feedstocks and products 338 297 Materials and supplies 292 287 Inventories $ 6,103 $ 6,038 We compare the market value of inventories to their cost on an aggregate basis, excluding materials and supplies. In determining the market value of our inventories, we assume that feedstocks are converted into refined products, which requires us to make estimates regarding the refined products expected to be produced from those feedstocks and the conversion costs required to convert those feedstocks into refined products. We also estimate the usual and customary transportation costs required to move the inventory from our plants to the appropriate points of sale. We then apply an estimated selling price to our inventories. If the aggregate market value is less than the aggregate cost, we recognize a loss for the difference in our statements of income. To the extent the aggregate market value of our last-in, first-out (LIFO) inventories subsequently increases, we recognize an increase to the value of our inventories (not to exceed cost) and a gain in our statements of income. The market value of our LIFO inventories fell below their LIFO inventory carrying amounts as of March 31, 2020, and as a result, we recorded an LCM inventory valuation reserve of $2.5 billion in order to state our inventories at market. As of June 30, 2020, our LCM inventory valuation reserve was $294 million. The change in our LCM inventory valuation reserve resulted in a net benefit of $2.2 billion and a net charge of $294 million to our results of operations during the three and six months ended June 30, 2020, respectively. As of June 30, 2021 and December 31, 2020, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $4.1 billion and $1.3 billion, respectively. Our non-LIFO inventories accounted for $1.0 billion and $918 million of our total inventories as of June 30, 2021 and December 31, 2020, respectively.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	4. DEBT Public Debt During the six months ended June 30, 2021, there was no issuance or redemption activity related to our public debt. During the six months ended June 30, 2020, we issued $850 million of 2.700 percent Senior Notes due April 15, 2023 and $650 million of 2.850 percent Senior Notes due April 15, 2025. Proceeds from these debt issuances totaled $1.499 billion before deducting the underwriting discount and other debt issuance costs. Credit Facilities Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): June 30, 2021 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 154 $ 3,846 Canadian Revolver C$ 150 November 2021 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,000 July 2021 $ — n/a $ 1,000 Letter of credit facility $ 50 November 2021 n/a $ — $ 50 Committed facilities of VIEs (c): DGD Revolver $ 400 March 2024 $ — $ — $ 400 IEnova Revolver $ 743 February 2028 $ 614 n/a $ 129 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 140 n/a ________________________ (a) Letters of credit issued as of June 30, 2021 expire at various times in 2021 through 2023. (b) In July 2021, we extended the maturity date of this facility to July 2022 and increased the facility amount from $1.0 billion to $1.3 billion. (c) Creditors of our VIEs do not have recourse against us. We had an $875 million 364-day Revolving Credit Facility that matured on April 12, 2021 and was not renewed. Activities under our credit facilities were as follows (in millions): Six Months Ended 2021 2020 Borrowings: Accounts receivable sales facility $ — $ 300 IEnova Revolver 16 163 Repayments: Accounts receivable sales facility — 400 DGD Revolver In March 2021, DGD (as described in Note 6) entered into a $400 million unsecured revolving credit facility (the DGD Revolver) that matures in March 2024. DGD has the option to increase the aggregate commitments under the DGD Revolver to $550 million, subject to certain restrictions. The DGD Revolver also provides for the issuance of letters of credit of up to $10 million. The DGD Revolver is available only to the operations of DGD, and the creditors of DGD do not have recourse against us. Outstanding borrowings under the DGD Revolver generally bear interest, at DGD’s option, at either (i) an alternate base rate plus the applicable margin or (ii) an adjusted LIBOR rate for the applicable interest period in effect from time to time plus the applicable margin. The DGD Revolver also requires payments for customary fees, including unused commitment fees, letter of credit fees, and administrative agent fees. During the six months ended June 30, 2021, there were no borrowings or repayments under the DGD Revolver. IEnova Revolver In May 2021, the borrowing capacity under the IEnova Revolver was increased from $660 million to $743 million. As of June 30, 2021 and December 31, 2020, the variable weighted-average interest rate on the IEnova Revolver was 3.546 percent and 3.870 percent, respectively. The IEnova Revolver is available only to the operations of Central Mexico Terminals (as described in Note 6), and the creditors of Central Mexico Terminals do not have recourse against us. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest and debt expense $ 162 $ 161 $ 326 $ 306 Less: Capitalized interest 12 19 27 39 Interest and debt expense, net of capitalized interest $ 150 $ 142 $ 299 $ 267

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2021
Equity [Abstract]
EQUITY	5. EQUITY Share Activity There was no significant share activity during the six months ended June 30, 2021 and 2020. Common Stock Dividends On July 15, 2021, our board of directors declared a quarterly cash dividend of $0.98 per common share payable on September 2, 2021 to holders of record at the close of business on August 5, 2021. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2021 2020 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (439) $ (728) $ 2 $ (1,165) $ (1,282) $ (663) $ 8 $ (1,937) Other comprehensive income (loss) before reclassifications 66 — (7) 59 138 — (2) 136 Amounts reclassified from accumulated other comprehensive loss — 14 4 18 — 10 (8) 2 Effect of exchange rates — (1) — (1) — — — — Other comprehensive income (loss) 66 13 (3) 76 138 10 (10) 138 Balance as of end of period $ (373) $ (715) $ (1) $ (1,089) $ (1,144) $ (653) $ (2) $ (1,799) Six Months Ended June 30, 2021 2020 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (515) $ (737) $ (2) $ (1,254) $ (676) $ (672) $ (3) $ (1,351) Other comprehensive income (loss) before reclassifications 142 1 (12) 131 (468) — 19 (449) Amounts reclassified from accumulated other comprehensive loss — 22 13 35 — 19 (18) 1 Effect of exchange rates — (1) — (1) — — — — Other comprehensive income (loss) 142 22 1 165 (468) 19 1 (448) Balance as of end of period $ (373) $ (715) $ (1) $ (1,089) $ (1,144) $ (653) $ (2) $ (1,799)

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of June 30, 2021, our significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc., which owns and operates a plant that processes rendered and recycled materials, including animal fats, used cooking oils, and other vegetable oils, into renewable diesel; and • Central Mexico Terminals, which is a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.B. de C.V. (IEnova), a Mexican company and subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico Terminals. The assets of our VIEs can only be used to settle their own obligations and the creditors of our VIEs have no recourse to our other assets. We do not provide financial guarantees to our VIEs. Although we have provided credit facilities to some of our VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by the performance of our consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our consolidated VIEs, which are included in our balance sheets (in millions): June 30, 2021 DGD Central Other Total Assets Cash and cash equivalents $ 196 $ — $ 16 $ 212 Other current assets 256 7 15 278 Property, plant, and equipment, net 1,721 656 93 2,470 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 193 $ 672 $ 8 $ 873 Debt and finance lease obligations, less current portion 1 — 23 24 December 31, 2020 DGD Central Other Total Assets Cash and cash equivalents $ 144 $ 1 $ 16 $ 161 Other current assets 219 24 8 251 Property, plant, and equipment, net 1,232 590 96 1,918 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 90 $ 620 $ 8 $ 718 Debt and finance lease obligations, less current portion 1 — 25 26 Non-Consolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments. On April 19, 2021, we sold a 24.99 percent membership interest in MVP, an unconsolidated joint venture with a subsidiary of Magellan Midstream Partners, L.P. (Magellan), for $270 million. MVP owns and operates a marine terminal located adjacent to the Houston Ship Channel in Pasadena, Texas. We retained a 25.01 percent membership interest in MVP.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jun. 30, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	7. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2021 2020 2021 2020 Three months ended June 30 Service cost $ 41 $ 35 $ 1 $ 2 Interest cost 18 22 1 2 Expected return on plan assets (48) (46) — — Amortization of: Net actuarial loss 20 19 — — Prior service credit (5) (5) (1) (2) Special charges 4 1 — — Net periodic benefit cost $ 30 $ 26 $ 1 $ 2 Six months ended June 30 Service cost $ 81 $ 70 $ 3 $ 3 Interest cost 36 43 3 4 Expected return on plan assets (96) (90) — — Amortization of: Net actuarial loss 40 37 — — Prior service credit (9) (10) (3) (3) Special charges 4 1 — — Net periodic benefit cost $ 56 $ 51 $ 3 $ 4 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net” in the statements of income. As previously disclosed in our annual report on Form 10-K for the year ended December 31, 2020, we plan to contribute approximately $128 million to our pension plans and $22 million to our other postretirement benefit plans during 2021. During the six months ended June 30, 2021 and 2020, we contributed $31 million and $19 million, respectively, to our pension plans and $8 million and $7 million, respectively, to our other postretirement benefit plans.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES During the three months ended June 30, 2021, certain statutory income tax rate changes were enacted (primarily an increase in the United Kingdom (U.K.) rate from 19 percent to 25 percent effective in 2023) that resulted in the remeasurement of our deferred tax liabilities. We recognized income tax expense of $64 million during the three and six months ended June 30, 2021, which represents the net increase in our deferred tax liabilities resulting from the change in the income tax rates.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	6 Months Ended
Earnings (Loss) Per Common Share	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER COMMON SHARE	9. EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Earnings (loss) per common share: Net income (loss) attributable to Valero stockholders $ 162 $ 1,253 $ (542) $ (598) Less: Income allocated to participating securities 2 4 3 3 Net income (loss) available to common stockholders $ 160 $ 1,249 $ (545) $ (601) Weighted-average common shares outstanding 407 406 407 407 Earnings (loss) per common share $ 0.39 $ 3.07 $ (1.34) $ (1.48) Earnings (loss) per common share – assuming dilution: Net income (loss) attributable to Valero stockholders $ 162 $ 1,253 $ (542) $ (598) Less: Income allocated to participating securities 2 4 3 3 Net income (loss) available to common stockholders $ 160 $ 1,249 $ (545) $ (601) Weighted-average common shares outstanding 407 406 407 407 Effect of dilutive securities — 1 — — Weighted-average common shares outstanding – assuming dilution 407 407 407 407 Earnings (loss) per common share – assuming dilution $ 0.39 $ 3.07 $ (1.34) $ (1.48) Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (OSIP) or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options granted under our 2011 OSIP.

Revenues and Segment Informatio

Revenues and Segment Information	6 Months Ended
Revenues and Segment Information	Jun. 30, 2021
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	10. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): June 30, December 31, Increase Receivables from contracts with customers, included in receivables, net $ 5,665 $ 3,642 $ 2,023 Contract liabilities, included in accrued expenses 40 55 (15) During the six months ended June 30, 2021 and 2020, we recognized as revenue $40 million and $52 million that was included in contract liabilities as of December 31, 2020 and 2019, respectively. Revenue recognized related to contract liabilities during the three months ended June 30, 2021 and 2020 was not material. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of June 30, 2021, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments — refining, renewable diesel, and ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations. • The refining segment includes the operations of our petroleum refineries, the associated marketing activities, and logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. • The renewable diesel segment represents the operations of DGD, our consolidated joint venture as discussed in Note 6. The principal product manufactured by DGD and sold by this segment is renewable diesel. This segment sells some renewable diesel to the refining segment, which is then sold to that segment’s customers. • The ethanol segment includes the operations of our ethanol plants, the associated marketing activities, and logistics assets that support our ethanol operations. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product. Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income (loss) by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended June 30, 2021 Revenues: Revenues from external customers $ 25,968 $ 496 $ 1,284 $ — $ 27,748 Intersegment revenues 1 76 84 (161) — Total revenues 25,969 572 1,368 (161) 27,748 Cost of sales: Cost of materials and other 24,000 281 1,130 (162) 25,249 Operating expenses (excluding depreciation and amortization expense reflected below) 1,064 31 119 — 1,214 Depreciation and amortization expense 544 12 20 — 576 Total cost of sales 25,608 324 1,269 (162) 27,039 Other operating expenses 12 — — — 12 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 176 176 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 349 $ 248 $ 99 $ (187) $ 509 Three months ended June 30, 2020 Revenues: Revenues from external customers $ 9,615 $ 239 $ 543 $ — $ 10,397 Intersegment revenues 2 57 38 (97) — Total revenues 9,617 296 581 (97) 10,397 Cost of sales: Cost of materials and other 8,539 135 501 (96) 9,079 LCM inventory valuation adjustment (2,137) — (111) — (2,248) Operating expenses (excluding depreciation and amortization expense reflected below) 928 20 79 — 1,027 Depreciation and amortization expense 533 12 21 — 566 Total cost of sales 7,863 167 490 (96) 8,424 Other operating expenses 3 — — — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 169 169 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,751 $ 129 $ 91 $ (182) $ 1,789 Refining Renewable Ethanol Corporate Total Six months ended June 30, 2021 Revenues: Revenues from external customers $ 45,437 $ 848 $ 2,269 $ — $ 48,554 Intersegment revenues 4 155 144 (303) — Total revenues 45,441 1,003 2,413 (303) 48,554 Cost of sales: Cost of materials and other 42,022 468 2,054 (303) 44,241 Operating expenses (excluding depreciation and amortization expense reflected below) 2,535 60 275 — 2,870 Depreciation and amortization expense 1,077 24 41 — 1,142 Total cost of sales 45,634 552 2,370 (303) 48,253 Other operating expenses 50 — — — 50 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 384 384 Depreciation and amortization expense — — — 24 24 Operating income (loss) by segment $ (243) $ 451 $ 43 $ (408) $ (157) Six months ended June 30, 2020 Revenues: Revenues from external customers $ 30,600 $ 545 $ 1,354 $ — $ 32,499 Intersegment revenues 4 110 102 (216) — Total revenues 30,604 655 1,456 (216) 32,499 Cost of sales: Cost of materials and other 27,666 265 1,314 (214) 29,031 LCM inventory valuation adjustment 277 — 17 — 294 Operating expenses (excluding depreciation and amortization expense reflected below) 1,923 40 188 — 2,151 Depreciation and amortization expense 1,069 23 43 — 1,135 Total cost of sales 30,935 328 1,562 (214) 32,611 Other operating expenses 5 — — — 5 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 346 346 Depreciation and amortization expense — — — 25 25 Operating income (loss) by segment $ (336) $ 327 $ (106) $ (373) $ (488) The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Refining: Gasolines and blendstocks $ 12,432 $ 3,993 $ 21,161 $ 12,237 Distillates 10,875 4,379 19,456 15,042 Other product revenues 2,661 1,243 4,820 3,321 Total refining revenues 25,968 9,615 45,437 30,600 Renewable diesel: Renewable diesel 496 239 848 545 Ethanol: Ethanol 983 432 1,735 1,061 Distillers grains 301 111 534 293 Total ethanol revenues 1,284 543 2,269 1,354 Revenues $ 27,748 $ 10,397 $ 48,554 $ 32,499 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 46,843 $ 42,939 Renewable diesel 2,215 1,659 Ethanol 1,745 1,728 Corporate and eliminations 4,653 5,448 Total assets $ 55,456 $ 51,774

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net loss is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2021 2020 Decrease (increase) in current assets: Receivables, net $ (3,069) $ 4,177 Inventories (47) 1,136 Prepaid expenses and other (103) 56 Increase (decrease) in current liabilities: Accounts payable 3,979 (5,446) Accrued expenses 284 (73) Taxes other than income taxes payable 162 (180) Income taxes payable 45 (148) Changes in current assets and current liabilities $ 1,251 $ (478) Changes in current assets and current liabilities for the six months ended June 30, 2021 were primarily due to the following: • the increase in receivables was primarily due to an increase in commodity prices in June 2021 compared to December 2020 combined with an increase in sales volumes, partially offset by a decrease in income taxes receivable associated with the receipt of a $962 million refund related to our U.S federal income tax return for 2020; and • the increase in accounts payable was due to an increase in commodity prices in June 2021 compared to December 2020 combined with an increase in crude oil and other feedstock volumes purchased. Changes in current assets and current liabilities for the six months ended June 30, 2020 were primarily due to the following: • the decrease in receivables was due to (i) a decrease of $4.1 billion as a result of a decrease in commodity prices in June 2020 compared to December 2019 combined with a decrease in sales volumes and (ii) the collection of $449 million for a blender’s tax credit receivable attributable to volumes blended during 2019 and 2018, partially offset by the recognition of an income tax receivable of approximately $440 million; • the decrease in inventories was due to lower inventory levels combined with a decrease in commodity prices in June 2020 compared to December 2019; and • the decrease in accounts payable was due to a decrease in commodity prices in June 2020 compared to December 2019 combined with a decrease in crude oil and other feedstock volumes purchased. Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2021 2020 Interest paid in excess of amount capitalized, including interest on finance leases $ 290 $ 250 Income taxes paid (refunded), net (882) 76 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2021 2020 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 199 $ 35 $ 216 $ 48 Financing cash flows — 63 — 32 Changes in lease balances resulting from new and modified leases (a) 315 46 163 1,495 ________________________ (a) Noncash activity for the six months ended June 30, 2020 primarily included $1.4 billion for a finance lease right-of-use asset and related liability recognized in connection with the terminaling agreement with MVP. There were no significant noncash investing and financing activities during the six months ended June 30, 2021 and 2020, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2021 and December 31, 2020. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2021 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 564 $ — $ — $ 564 $ (539) $ (11) $ 14 $ — Physical purchase contracts — 37 — 37 n/a n/a 37 n/a Foreign currency contracts 8 — — 8 n/a n/a 8 n/a Investments of certain benefit plans 78 — 9 87 n/a n/a 87 n/a Total $ 650 $ 37 $ 9 $ 696 $ (539) $ (11) $ 146 Liabilities Commodity derivative contracts $ 603 $ — $ — $ 603 $ (539) $ (64) $ — $ (124) Environmental credit obligations — 37 — 37 n/a n/a 37 n/a Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Total $ 612 $ 38 $ — $ 650 $ (539) $ (64) $ 47 December 31, 2020 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 403 $ — $ — $ 403 $ (373) $ (18) $ 12 $ — Physical purchase contracts — 13 — 13 n/a n/a 13 n/a Investments of certain benefit plans 74 — 8 82 n/a n/a 82 n/a Total $ 477 $ 13 $ 8 $ 498 $ (373) $ (18) $ 107 Liabilities Commodity derivative contracts $ 405 $ — $ — $ 405 $ (373) $ (32) $ — $ (44) Environmental credit obligations — 96 — 96 n/a n/a 96 n/a Foreign currency contracts 4 — — 4 n/a n/a 4 n/a Total $ 409 $ 96 $ — $ 505 $ (373) $ (32) $ 100 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 13. These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The plan assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Foreign currency contracts consist of foreign currency exchange and purchase contracts and foreign currency swap agreements related to our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our operations. These contracts are valued based on quoted foreign currency exchange rates and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32), the U.K. Emissions Trading Scheme, and similar programs (collectively, the cap-and-trade systems). To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. These programs are described in Note 13 under “ Risk Management Activities by Type of Risk —Environmental Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service. Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2021 and December 31, 2020. Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): June 30, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents Level 1 $ 3,572 $ 3,572 $ 3,313 $ 3,313 Financial liabilities: Debt (excluding finance leases) Level 2 13,033 15,224 13,013 15,103

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
Price Risk Management Activities	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	13. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with various government and regulatory programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 12), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil and corn), the products we produce (primarily refined petroleum products), and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. As of June 30, 2021, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract Volumes by 2021 2022 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 456 — Futures – short 1,339 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 59,485 163 Futures – short 58,970 55 Corn: Futures – long 155,300 880 Futures – short 208,715 3,680 Physical contracts – long 52,574 2,829 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our international operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of June 30, 2021, we had foreign currency contracts to purchase $645 million of U.S. dollars and $1.8 billion of U.S. dollar equivalent Canadian dollars. Of these commitments, $1.4 billion matured on or before July 28, 2021 and the remaining $1.0 billion will mature by September 15, 2021. Environmental Compliance Program Price Risk We are exposed to market risk related to the volatility in the price of credits needed to comply with various governmental and regulatory environmental compliance programs. To manage this risk, we enter into contracts to purchase these credits as needed. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. Certain of these programs require us to blend biofuels into the products we produce, and we are subject to such programs in most of the countries in which we operate. These countries set annual quotas for the percentage of biofuels that must be blended into the motor fuels consumed in these countries. As a producer of motor fuels from petroleum, we are obligated to blend biofuels into the products we produce at a rate that is at least equal to the applicable quota. To the degree we are unable to blend at the applicable rate, we must purchase biofuel credits (primarily RINs in the U.S.). We are exposed to the volatility in the market price of these credits, and we manage that risk by purchasing biofuel credits as needed. The cost of meeting our obligations under these compliance programs was $635 million and $136 million for the three months ended June 30, 2021 and 2020, respectively, and $995 million and $248 million for the six months ended June 30, 2021 and 2020, respectively. These amounts are reflected in cost of materials and other. We are subject to additional requirements under greenhouse gas (GHG) emission programs, including the cap-and-trade systems, as discussed in Note 12. Under these cap-and-trade systems, we purchase various GHG emission credits available on the open market. Therefore, we are exposed to the volatility in the market price of these credits. The cost to implement certain provisions of the cap-and-trade systems are significant; however, we recovered substantially all of these costs from our customers for the three and six months ended June 30, 2021 and 2020 and expect to continue to recover the majority of these costs in the future. For the three and six months ended June 30, 2021 and 2020, the net cost of meeting our obligations under these compliance programs was immaterial. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of June 30, 2021 and December 31, 2020 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet June 30, 2021 December 31, 2020 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 6 $ 16 $ 4 $ 17 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 558 $ 587 $ 399 $ 388 Physical purchase contracts Inventories 37 1 13 — Foreign currency contracts Receivables, net 8 — — — Foreign currency contracts Accrued expenses — 9 — 4 Total $ 603 $ 597 $ 412 $ 392 Market Risk Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies approved by our board of directors. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended Six Months Ended 2021 2020 2021 2020 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) on derivatives n/a $ (18) $ (5) $ (31) $ 50 Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues (11) 19 (34) 45 For cash flow hedges, no component of any derivative instrument’s gains or losses was excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2021 and 2020. For the three and six months ended June 30, 2021 and 2020, cash flow hedges primarily related to forward sales of renewable diesel. The estimated deferred after-tax loss that is expected to be reclassified into revenues over the next 12 months as a result of the hedged transactions that are forecasted to occur as of June 30, 2021 was immaterial. For the three and six months ended June 30, 2021 and 2020, there were no amounts reclassified from accumulated other comprehensive loss into income as a result of the discontinuance of cash flow hedge accounting. The changes in accumulated other comprehensive loss by component, net of tax, for the three and six months ended June 30, 2021 and 2020 are described in Note 5. The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Three Months Ended Six Months Ended 2021 2020 2021 2020 Commodity contracts Revenues $ 13 $ 9 $ 20 $ 1 Commodity contracts Cost of materials 21 140 (57) (12) Commodity contracts Operating expenses 2 4 3 2 Foreign currency contracts Cost of materials 6 — (2) 49 Foreign currency contracts Other income, net 53 60 83 (105)

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of our results for the six months ended June 30, 2021 have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The financial statements presented herein should be read in conjunction with the financial statements included in our annual report on Form 10-K for the year ended December 31, 2020. The balance sheet as of December 31, 2020 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020.
Reclassifications	Reclassifications Certain prior year amounts presented in Note 11 have been reclassified to conform to the 2021 presentation. The change was due to the reclassification of amounts for income taxes receivable from prepaid expenses and other to “receivables, net.”
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Adoption of Accounting Pronouncement	Adoption of Accounting Pronouncement The following Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) was issued and adopted by us on January 7, 2021. Our adoption of this ASU did not have a material impact on our financial statements or related disclosures. ASU Basis of 2021-01 Reference Rate Reform (Topic 848): Scope Prospectively
Variable interest entities	We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary.We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
Offsetting fair value amounts of commodity derivative contracts	We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
Derivatives	We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with various government and regulatory programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 12), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of adopted accounting pronouncement	The following Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) was issued and adopted by us on January 7, 2021. Our adoption of this ASU did not have a material impact on our financial statements or related disclosures. ASU Basis of 2021-01 Reference Rate Reform (Topic 848): Scope Prospectively

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,272 $ 1,979 Refined petroleum products and blendstocks 3,173 3,425 Renewable diesel feedstocks and products 28 50 Ethanol feedstocks and products 338 297 Materials and supplies 292 287 Inventories $ 6,103 $ 6,038

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): June 30, 2021 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 154 $ 3,846 Canadian Revolver C$ 150 November 2021 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,000 July 2021 $ — n/a $ 1,000 Letter of credit facility $ 50 November 2021 n/a $ — $ 50 Committed facilities of VIEs (c): DGD Revolver $ 400 March 2024 $ — $ — $ 400 IEnova Revolver $ 743 February 2028 $ 614 n/a $ 129 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 140 n/a ________________________ (a) Letters of credit issued as of June 30, 2021 expire at various times in 2021 through 2023. (b) In July 2021, we extended the maturity date of this facility to July 2022 and increased the facility amount from $1.0 billion to $1.3 billion. (c) Creditors of our VIEs do not have recourse against us. Activities under our credit facilities were as follows (in millions): Six Months Ended 2021 2020 Borrowings: Accounts receivable sales facility $ — $ 300 IEnova Revolver 16 163 Repayments: Accounts receivable sales facility — 400
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest and debt expense $ 162 $ 161 $ 326 $ 306 Less: Capitalized interest 12 19 27 39 Interest and debt expense, net of capitalized interest $ 150 $ 142 $ 299 $ 267

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2021
Equity [Abstract]
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2021 2020 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (439) $ (728) $ 2 $ (1,165) $ (1,282) $ (663) $ 8 $ (1,937) Other comprehensive income (loss) before reclassifications 66 — (7) 59 138 — (2) 136 Amounts reclassified from accumulated other comprehensive loss — 14 4 18 — 10 (8) 2 Effect of exchange rates — (1) — (1) — — — — Other comprehensive income (loss) 66 13 (3) 76 138 10 (10) 138 Balance as of end of period $ (373) $ (715) $ (1) $ (1,089) $ (1,144) $ (653) $ (2) $ (1,799) Six Months Ended June 30, 2021 2020 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (515) $ (737) $ (2) $ (1,254) $ (676) $ (672) $ (3) $ (1,351) Other comprehensive income (loss) before reclassifications 142 1 (12) 131 (468) — 19 (449) Amounts reclassified from accumulated other comprehensive loss — 22 13 35 — 19 (18) 1 Effect of exchange rates — (1) — (1) — — — — Other comprehensive income (loss) 142 22 1 165 (468) 19 1 (448) Balance as of end of period $ (373) $ (715) $ (1) $ (1,089) $ (1,144) $ (653) $ (2) $ (1,799)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
Variable Interest Entities (Tables)	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of consolidated VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of our consolidated VIEs, which are included in our balance sheets (in millions): June 30, 2021 DGD Central Other Total Assets Cash and cash equivalents $ 196 $ — $ 16 $ 212 Other current assets 256 7 15 278 Property, plant, and equipment, net 1,721 656 93 2,470 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 193 $ 672 $ 8 $ 873 Debt and finance lease obligations, less current portion 1 — 23 24 December 31, 2020 DGD Central Other Total Assets Cash and cash equivalents $ 144 $ 1 $ 16 $ 161 Other current assets 219 24 8 251 Property, plant, and equipment, net 1,232 590 96 1,918 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 90 $ 620 $ 8 $ 718 Debt and finance lease obligations, less current portion 1 — 25 26

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
Employee Benefit Plans (Tables)	Jun. 30, 2021
Retirement Benefits [Abstract]
Periodic benefit cost related to our defined benefit plans, net	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2021 2020 2021 2020 Three months ended June 30 Service cost $ 41 $ 35 $ 1 $ 2 Interest cost 18 22 1 2 Expected return on plan assets (48) (46) — — Amortization of: Net actuarial loss 20 19 — — Prior service credit (5) (5) (1) (2) Special charges 4 1 — — Net periodic benefit cost $ 30 $ 26 $ 1 $ 2 Six months ended June 30 Service cost $ 81 $ 70 $ 3 $ 3 Interest cost 36 43 3 4 Expected return on plan assets (96) (90) — — Amortization of: Net actuarial loss 40 37 — — Prior service credit (9) (10) (3) (3) Special charges 4 1 — — Net periodic benefit cost $ 56 $ 51 $ 3 $ 4

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	6 Months Ended
Earnings (Loss) Per Common Share (Tables)	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings (loss) per common share, basic and diluted	Earnings (loss) per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Earnings (loss) per common share: Net income (loss) attributable to Valero stockholders $ 162 $ 1,253 $ (542) $ (598) Less: Income allocated to participating securities 2 4 3 3 Net income (loss) available to common stockholders $ 160 $ 1,249 $ (545) $ (601) Weighted-average common shares outstanding 407 406 407 407 Earnings (loss) per common share $ 0.39 $ 3.07 $ (1.34) $ (1.48) Earnings (loss) per common share – assuming dilution: Net income (loss) attributable to Valero stockholders $ 162 $ 1,253 $ (542) $ (598) Less: Income allocated to participating securities 2 4 3 3 Net income (loss) available to common stockholders $ 160 $ 1,249 $ (545) $ (601) Weighted-average common shares outstanding 407 406 407 407 Effect of dilutive securities — 1 — — Weighted-average common shares outstanding – assuming dilution 407 407 407 407 Earnings (loss) per common share – assuming dilution $ 0.39 $ 3.07 $ (1.34) $ (1.48)

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	6 Months Ended
Revenues and Segment Information (Tables)	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): June 30, December 31, Increase Receivables from contracts with customers, included in receivables, net $ 5,665 $ 3,642 $ 2,023 Contract liabilities, included in accrued expenses 40 55 (15)
Segment information for our reportable segments	The following tables reflect information about our operating income (loss) by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended June 30, 2021 Revenues: Revenues from external customers $ 25,968 $ 496 $ 1,284 $ — $ 27,748 Intersegment revenues 1 76 84 (161) — Total revenues 25,969 572 1,368 (161) 27,748 Cost of sales: Cost of materials and other 24,000 281 1,130 (162) 25,249 Operating expenses (excluding depreciation and amortization expense reflected below) 1,064 31 119 — 1,214 Depreciation and amortization expense 544 12 20 — 576 Total cost of sales 25,608 324 1,269 (162) 27,039 Other operating expenses 12 — — — 12 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 176 176 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 349 $ 248 $ 99 $ (187) $ 509 Three months ended June 30, 2020 Revenues: Revenues from external customers $ 9,615 $ 239 $ 543 $ — $ 10,397 Intersegment revenues 2 57 38 (97) — Total revenues 9,617 296 581 (97) 10,397 Cost of sales: Cost of materials and other 8,539 135 501 (96) 9,079 LCM inventory valuation adjustment (2,137) — (111) — (2,248) Operating expenses (excluding depreciation and amortization expense reflected below) 928 20 79 — 1,027 Depreciation and amortization expense 533 12 21 — 566 Total cost of sales 7,863 167 490 (96) 8,424 Other operating expenses 3 — — — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 169 169 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,751 $ 129 $ 91 $ (182) $ 1,789 Refining Renewable Ethanol Corporate Total Six months ended June 30, 2021 Revenues: Revenues from external customers $ 45,437 $ 848 $ 2,269 $ — $ 48,554 Intersegment revenues 4 155 144 (303) — Total revenues 45,441 1,003 2,413 (303) 48,554 Cost of sales: Cost of materials and other 42,022 468 2,054 (303) 44,241 Operating expenses (excluding depreciation and amortization expense reflected below) 2,535 60 275 — 2,870 Depreciation and amortization expense 1,077 24 41 — 1,142 Total cost of sales 45,634 552 2,370 (303) 48,253 Other operating expenses 50 — — — 50 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 384 384 Depreciation and amortization expense — — — 24 24 Operating income (loss) by segment $ (243) $ 451 $ 43 $ (408) $ (157) Six months ended June 30, 2020 Revenues: Revenues from external customers $ 30,600 $ 545 $ 1,354 $ — $ 32,499 Intersegment revenues 4 110 102 (216) — Total revenues 30,604 655 1,456 (216) 32,499 Cost of sales: Cost of materials and other 27,666 265 1,314 (214) 29,031 LCM inventory valuation adjustment 277 — 17 — 294 Operating expenses (excluding depreciation and amortization expense reflected below) 1,923 40 188 — 2,151 Depreciation and amortization expense 1,069 23 43 — 1,135 Total cost of sales 30,935 328 1,562 (214) 32,611 Other operating expenses 5 — — — 5 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 346 346 Depreciation and amortization expense — — — 25 25 Operating income (loss) by segment $ (336) $ 327 $ (106) $ (373) $ (488) The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Refining: Gasolines and blendstocks $ 12,432 $ 3,993 $ 21,161 $ 12,237 Distillates 10,875 4,379 19,456 15,042 Other product revenues 2,661 1,243 4,820 3,321 Total refining revenues 25,968 9,615 45,437 30,600 Renewable diesel: Renewable diesel 496 239 848 545 Ethanol: Ethanol 983 432 1,735 1,061 Distillers grains 301 111 534 293 Total ethanol revenues 1,284 543 2,269 1,354 Revenues $ 27,748 $ 10,397 $ 48,554 $ 32,499 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 46,843 $ 42,939 Renewable diesel 2,215 1,659 Ethanol 1,745 1,728 Corporate and eliminations 4,653 5,448 Total assets $ 55,456 $ 51,774

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by operating activities, net loss is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2021 2020 Decrease (increase) in current assets: Receivables, net $ (3,069) $ 4,177 Inventories (47) 1,136 Prepaid expenses and other (103) 56 Increase (decrease) in current liabilities: Accounts payable 3,979 (5,446) Accrued expenses 284 (73) Taxes other than income taxes payable 162 (180) Income taxes payable 45 (148) Changes in current assets and current liabilities $ 1,251 $ (478) Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2021 2020 Interest paid in excess of amount capitalized, including interest on finance leases $ 290 $ 250 Income taxes paid (refunded), net (882) 76 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2021 2020 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 199 $ 35 $ 216 $ 48 Financing cash flows — 63 — 32 Changes in lease balances resulting from new and modified leases (a) 315 46 163 1,495 ________________________ (a) Noncash activity for the six months ended June 30, 2020 primarily included $1.4 billion for a finance lease right-of-use asset and related liability recognized in connection with the terminaling agreement with MVP.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2021 and December 31, 2020. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2021 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 564 $ — $ — $ 564 $ (539) $ (11) $ 14 $ — Physical purchase contracts — 37 — 37 n/a n/a 37 n/a Foreign currency contracts 8 — — 8 n/a n/a 8 n/a Investments of certain benefit plans 78 — 9 87 n/a n/a 87 n/a Total $ 650 $ 37 $ 9 $ 696 $ (539) $ (11) $ 146 Liabilities Commodity derivative contracts $ 603 $ — $ — $ 603 $ (539) $ (64) $ — $ (124) Environmental credit obligations — 37 — 37 n/a n/a 37 n/a Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Total $ 612 $ 38 $ — $ 650 $ (539) $ (64) $ 47 December 31, 2020 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 403 $ — $ — $ 403 $ (373) $ (18) $ 12 $ — Physical purchase contracts — 13 — 13 n/a n/a 13 n/a Investments of certain benefit plans 74 — 8 82 n/a n/a 82 n/a Total $ 477 $ 13 $ 8 $ 498 $ (373) $ (18) $ 107 Liabilities Commodity derivative contracts $ 405 $ — $ — $ 405 $ (373) $ (32) $ — $ (44) Environmental credit obligations — 96 — 96 n/a n/a 96 n/a Foreign currency contracts 4 — — 4 n/a n/a 4 n/a Total $ 409 $ 96 $ — $ 505 $ (373) $ (32) $ 100
Carrying amount and estimated fair value of financial instruments	Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): June 30, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents Level 1 $ 3,572 $ 3,572 $ 3,313 $ 3,313 Financial liabilities: Debt (excluding finance leases) Level 2 13,033 15,224 13,013 15,103

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	6 Months Ended
Price Risk Management Activities (Tables)	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 2021, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract Volumes by 2021 2022 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 456 — Futures – short 1,339 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 59,485 163 Futures – short 58,970 55 Corn: Futures – long 155,300 880 Futures – short 208,715 3,680 Physical contracts – long 52,574 2,829
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 2021 and December 31, 2020 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet June 30, 2021 December 31, 2020 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 6 $ 16 $ 4 $ 17 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 558 $ 587 $ 399 $ 388 Physical purchase contracts Inventories 37 1 13 — Foreign currency contracts Receivables, net 8 — — — Foreign currency contracts Accrued expenses — 9 — 4 Total $ 603 $ 597 $ 412 $ 392
Effect of derivative instruments on income and other comprehensive income (loss)	The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended Six Months Ended 2021 2020 2021 2020 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) on derivatives n/a $ (18) $ (5) $ (31) $ 50 Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues (11) 19 (34) 45 The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Three Months Ended Six Months Ended 2021 2020 2021 2020 Commodity contracts Revenues $ 13 $ 9 $ 20 $ 1 Commodity contracts Cost of materials 21 140 (57) (12) Commodity contracts Operating expenses 2 4 3 2 Foreign currency contracts Cost of materials 6 — (2) 49 Foreign currency contracts Other income, net 53 60 83 (105)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020
Schedule of Inventories
Refinery feedstocks	$ 2,272		$ 2,272		$ 1,979
Refined petroleum products and blendstocks	3,173		3,173		3,425
Renewable diesel feedstocks and products	28		28		50
Ethanol feedstocks and products	338		338		297
Materials and supplies	292		292		287
Inventories	6,103		6,103		6,038
Inventories (Textual)
LCM inventory valuation reserve		$ 294		$ 294		$ 2,500
Lower of cost or market (LCM) inventory valuation adjustment	0	$ (2,248)	0	$ 294
Excess of market value over carrying amount of LIFO inventories	4,100		4,100		1,300
Amount of non-LIFO inventory	$ 1,000		$ 1,000		$ 918

Debt, Narrative (Details)

Debt, Narrative (Details) - USD ($)		Apr. 12, 2021	Jun. 30, 2021		Jun. 30, 2020	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
364-Day Revolving Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility expired, not renewed		$ 875,000,000
IEnova Revolver [Member] \| Line of Credit [Member] \| Variable Interest Entity, Primary Beneficiary [Member] \| Central Mexico Terminals [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 743,000,000	$ 660,000,000
Interest rate at period end (percent)			3.546%						3.87%
Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt					$ 1,499,000,000
Line of Credit [Member] \| DGD Revolver [Member] \| Variable Interest Entity, Primary Beneficiary [Member] \| Diamond Green Diesel Holdings LLC [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 400,000,000	[1]				$ 400,000,000
Option to increase aggregate commitments under line of credit facility, increase limit, subject to certain restrictions								550,000,000
Borrowings from long-term lines of credit			0
Repayments of long-term lines of credit			0
Line of Credit [Member] \| DGD Revolver Letter Of Credit [Member] \| Variable Interest Entity, Primary Beneficiary [Member] \| Diamond Green Diesel Holdings LLC [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 10,000,000
Line of Credit [Member] \| IEnova Revolver [Member] \| Variable Interest Entity, Primary Beneficiary [Member] \| Central Mexico Terminals [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	[1]		$ 743,000,000
Senior Notes Due April 15, 2023 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance					$ 850,000,000
Stated rate on debt instrument (percent)					2.70%
Senior Notes Due April 15, 2025, Issued April 2020 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance					$ 650,000,000
Stated rate on debt instrument (percent)					2.85%

[1]	Creditors of our VIEs do not have recourse against us.

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Jul. 29, 2021USD ($)	Jun. 30, 2021USD ($)		Jun. 30, 2021CAD ($)	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Valero Revolver [Member] \| Credit Facilities [Member]
Line of Credit Facility
Facility amount			$ 4,000,000,000
Outstanding borrowings or letters of credit issued			0
Availability			3,846,000,000
Valero Revolver Letter of Credit [Member] \| Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued	[1]		154,000,000
Canadian Revolver [Member] \| Credit Facilities [Member]
Line of Credit Facility
Facility amount					$ 150,000,000
Outstanding borrowings or letters of credit issued, short-term					0
Availability					145,000,000
Canadian Revolver Letter of Credit [Member] \| Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]				$ 5,000,000
Accounts Receivable Sales Facility [Member] \| Credit Facilities [Member]
Line of Credit Facility
Facility amount	[2]		1,000,000,000
Outstanding borrowings or letters of credit issued, short-term	[2]		0
Availability	[2]		1,000,000,000
Accounts Receivable Sales Facility [Member] \| Credit Facilities [Member] \| Subsequent Event [Member]
Line of Credit Facility
Facility amount		$ 1,300,000,000
Committed Letter of Credit Facility [Member] \| Credit Facilities [Member]
Line of Credit Facility
Facility amount			50,000,000
Outstanding borrowings or letters of credit issued, short-term	[1]		0
Availability			50,000,000
DGD Revolver [Member] \| Credit Facilities [Member] \| Diamond Green Diesel Holdings LLC [Member] \| Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount			400,000,000	[3]				$ 400,000,000
Outstanding borrowings or letters of credit issued	[3]		0
Availability	[3]		400,000,000
DGD Revolver Letter Of Credit [Member] \| Credit Facilities [Member] \| Diamond Green Diesel Holdings LLC [Member] \| Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount								$ 10,000,000
Outstanding borrowings or letters of credit issued	[1],[3]		0
IEnova Revolver [Member] \| Credit Facilities [Member] \| Central Mexico Terminals [Member] \| Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount						$ 743,000,000	$ 660,000,000
Outstanding borrowings or letters of credit issued, short-term	[3]		614,000,000
IEnova Revolver [Member] \| Credit Facilities [Member] \| Central Mexico Terminals [Member] \| Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount	[3]		743,000,000
Availability	[3]		129,000,000
Uncommitted Letter of Credit Facility [Member] \| Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]		$ 140,000,000

[1]	Letters of credit issued as of June 30, 2021 expire at various times in 2021 through 2023.
[2]	In July 2021, we extended the maturity date of this facility to July 2022 and increased the facility amount from $1.0 billion to $1.3 billion.
[3]	Creditors of our VIEs do not have recourse against us.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - Line of Credit [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accounts Receivable Sales Facility [Member]
Line of Credit Facility [Line Items]
Borrowings	$ 0	$ 300
Repayments	0	400
IEnova Revolver [Member] \| Central Mexico Terminals [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility [Line Items]
Borrowings	$ 16	$ 163

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Debt, Interest Incurred (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 162	$ 161	$ 326	$ 306
Less: Capitalized interest	12	19	27	39
Interest and debt expense, net of capitalized interest	$ 150	$ 142	$ 299	$ 267

Equity, Narrative (Details)

Equity, Narrative (Details)	Jul. 15, 2021$ / shares
Dividend Declared [Member] \| Subsequent Event [Member]
Equity (Textual)
Dividends declared, amount per share (in dollars per share)	$ 0.98

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax			$ 18,801
Other comprehensive income (loss) before reclassifications	$ 59	$ 136	131	$ (449)
Amounts reclassified from accumulated other comprehensive loss	18	2	35	1
Effect of exchange rates	(1)	0	(1)	0
Other comprehensive income (loss)	76	138	165	(448)
Ending balance, accumulated other comprehensive loss, net of tax	17,651		17,651
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(1,165)	(1,937)	(1,254)	(1,351)
Ending balance, accumulated other comprehensive loss, net of tax	(1,089)	(1,799)	(1,089)	(1,799)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(439)	(1,282)	(515)	(676)
Other comprehensive income (loss) before reclassifications	66	138	142	(468)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	66	138	142	(468)
Ending balance, accumulated other comprehensive loss, net of tax	(373)	(1,144)	(373)	(1,144)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(728)	(663)	(737)	(672)
Other comprehensive income (loss) before reclassifications	0	0	1	0
Amounts reclassified from accumulated other comprehensive loss	14	10	22	19
Effect of exchange rates	(1)	0	(1)	0
Other comprehensive income (loss)	13	10	22	19
Ending balance, accumulated other comprehensive loss, net of tax	(715)	(653)	(715)	(653)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	2	8	(2)	(3)
Other comprehensive income (loss) before reclassifications	(7)	(2)	(12)	19
Amounts reclassified from accumulated other comprehensive loss	4	(8)	13	(18)
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	(3)	(10)	1	1
Ending balance, accumulated other comprehensive loss, net of tax	$ (1)	$ (2)	$ (1)	$ (2)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Apr. 19, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 3,572		$ 3,313
Property, plant, and equipment, net		30,461		30,389
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		14,214		9,283
Debt and finance lease obligations, less current portion		13,636		13,954
Variable Interest Entity (Textual)
Proceeds from sale of membership interest in unconsolidated joint venture		270	$ 0
MVP Terminalling, LLC (MVP) [Member]
Variable Interest Entity (Textual)
0.2499	24.99%
Proceeds from sale of membership interest in unconsolidated joint venture	$ 270
Membership percentage in VIE (percent)	25.01%
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents		212		161
Other current assets		278		251
Property, plant, and equipment, net		2,470		1,918
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		873		718
Debt and finance lease obligations, less current portion		24		26
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents		196		144
Other current assets		256		219
Property, plant, and equipment, net		1,721		1,232
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		193		90
Debt and finance lease obligations, less current portion		1		1
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents		0		1
Other current assets		7		24
Property, plant, and equipment, net		656		590
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		672		620
Debt and finance lease obligations, less current portion		0		0
Other VIEs [Member]
Assets
Cash and cash equivalents		16		16
Other current assets		15		8
Property, plant, and equipment, net		93		96
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		8		8
Debt and finance lease obligations, less current portion		$ 23		$ 25

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 41	$ 35	$ 81	$ 70
Interest cost	18	22	36	43
Expected return on plan assets	(48)	(46)	(96)	(90)
Amortization of:
Net actuarial loss	20	19	40	37
Prior service credit	(5)	(5)	(9)	(10)
Special charges	4	1	4	1
Net periodic benefit cost	30	26	56	51
Employee Benefit Plans (Textual)
Future employer contributions to pension and other postretirement plans, as disclosed in annual report on Form 10-K	128		128
Contributions to benefit plans			31	19
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	2	3	3
Interest cost	1	2	3	4
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial loss	0	0	0	0
Prior service credit	(1)	(2)	(3)	(3)
Special charges	0	0	0	0
Net periodic benefit cost	1	$ 2	3	4
Employee Benefit Plans (Textual)
Future employer contributions to pension and other postretirement plans, as disclosed in annual report on Form 10-K	$ 22		22
Contributions to benefit plans			$ 8	$ 7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes (Textual)
Income tax expense recognized which represents the estimated increase in deferred tax liabilities resulting from change in income tax rates	$ 64		$ 64
Income tax benefit, tax NOL carryback provided for under CARES Act		$ 7		$ 117

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders	$ 162	$ 1,253	$ (542)	$ (598)
Less: Income allocated to participating securities	2	4	3	3
Net income (loss) available to common stockholders	$ 160	$ 1,249	$ (545)	$ (601)
Weighted-average common shares outstanding (in shares)	407	406	407	407
Earnings (loss) per common share (in dollars per share)	$ 0.39	$ 3.07	$ (1.34)	$ (1.48)
Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders	$ 162	$ 1,253	$ (542)	$ (598)
Less: Income allocated to participating securities	2	4	3	3
Net income (loss) available to common stockholders	$ 160	$ 1,249	$ (545)	$ (601)
Weighted-average common shares outstanding (in shares)	407	406	407	407
Effect of dilutive securities (in shares)	0	1	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	407	407	407	407
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ 0.39	$ 3.07	$ (1.34)	$ (1.48)

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Receivables from contracts with customers, included in receivables, net
Increase (Decrease)		$ (4,100)
Contract liabilities, included in accrued expenses
Beginning balance	$ 55
Increase (Decrease)	(15)
Ending balance	40
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	40	$ 52
Receivables from Contracts with Customers [Member]
Receivables from contracts with customers, included in receivables, net
Beginning balance	3,642
Increase (Decrease)	2,023
Ending balance	$ 5,665

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 27,748	$ 10,397	$ 48,554	$ 32,499
Cost of sales:
Cost of materials and other		25,249	9,079	44,241	29,031
LCM inventory valuation adjustment		0	(2,248)	0	294
Operating expenses (excluding depreciation and amortization expense reflected below)		1,214	1,027	2,870	2,151
Depreciation and amortization expense		576	566	1,142	1,135
Total cost of sales		27,039	8,424	48,253	32,611
Other operating expenses		12	3	50	5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		176	169	384	346
Depreciation and amortization expense		12	12	24	25
Operating income (loss)		509	1,789	$ (157)	(488)
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments \| segment				3
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(161)	(97)	$ (303)	(216)
Cost of sales:
Operating income (loss)		(187)	(182)	(408)	(373)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		176	169	384	346
Depreciation and amortization expense		12	12	24	25
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(161)	(97)	(303)	(216)
Cost of sales:
Cost of materials and other		(162)	(96)	(303)	(214)
LCM inventory valuation adjustment			0		0
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		(162)	(96)	(303)	(214)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		25,968	9,615	45,437	30,600
Refining [Member] \| Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		25,969	9,617	45,441	30,604
Cost of sales:
Cost of materials and other		24,000	8,539	42,022	27,666
LCM inventory valuation adjustment			(2,137)		277
Operating expenses (excluding depreciation and amortization expense reflected below)		1,064	928	2,535	1,923
Depreciation and amortization expense		544	533	1,077	1,069
Total cost of sales		25,608	7,863	45,634	30,935
Other operating expenses		12	3	50	5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		349	1,751	(243)	(336)
Refining [Member] \| Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		1	2	4	4
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		496	239	848	545
Renewable Diesel [Member] \| Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		572	296	1,003	655
Cost of sales:
Cost of materials and other		281	135	468	265
LCM inventory valuation adjustment			0		0
Operating expenses (excluding depreciation and amortization expense reflected below)		31	20	60	40
Depreciation and amortization expense		12	12	24	23
Total cost of sales		324	167	552	328
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		248	129	451	327
Renewable Diesel [Member] \| Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		76	57	155	110
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		1,284	543	2,269	1,354
Ethanol [Member] \| Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,368	581	2,413	1,456
Cost of sales:
Cost of materials and other		1,130	501	2,054	1,314
LCM inventory valuation adjustment			(111)		17
Operating expenses (excluding depreciation and amortization expense reflected below)		119	79	275	188
Depreciation and amortization expense		20	21	41	43
Total cost of sales		1,269	490	2,370	1,562
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		99	91	43	(106)
Ethanol [Member] \| Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 84	$ 38	$ 144	$ 102

[1]	Includes excise taxes on sales by certain of our international operations of $1,422 million and $784 million for the three months ended June 30, 2021 and 2020, respectively, and $2,542 million and $2,152 million for the six months ended June 30, 2021 and 2020, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue by Segment
Revenues	[1]	$ 27,748	$ 10,397	$ 48,554	$ 32,499
Refining [Member]
Revenue by Segment
Revenues		25,968	9,615	45,437	30,600
Refining [Member] \| Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		12,432	3,993	21,161	12,237
Refining [Member] \| Distillates [Member]
Revenue by Segment
Revenues		10,875	4,379	19,456	15,042
Refining [Member] \| Other Product Revenues [Member]
Revenue by Segment
Revenues		2,661	1,243	4,820	3,321
Renewable Diesel [Member]
Revenue by Segment
Revenues		496	239	848	545
Renewable Diesel [Member] \| Renewable Diesel [Member]
Revenue by Segment
Revenues		496	239	848	545
Ethanol [Member]
Revenue by Segment
Revenues		1,284	543	2,269	1,354
Ethanol [Member] \| Ethanol [Member]
Revenue by Segment
Revenues		983	432	1,735	1,061
Ethanol [Member] \| Distillers Grains [Member]
Revenue by Segment
Revenues		$ 301	$ 111	$ 534	$ 293

[1]	Includes excise taxes on sales by certain of our international operations of $1,422 million and $784 million for the three months ended June 30, 2021 and 2020, respectively, and $2,542 million and $2,152 million for the six months ended June 30, 2021 and 2020, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Total Assets by Reportable Segment
Reportable segment assets	$ 55,456	$ 51,774
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	4,653	5,448
Refining [Member] \| Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	46,843	42,939
Renewable Diesel [Member] \| Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	2,215	1,659
Ethanol [Member] \| Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,745	$ 1,728

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Decrease (increase) in current assets:
Receivables, net		$ (3,069)	$ 4,177
Inventories		(47)	1,136
Prepaid expenses and other		(103)	56
Increase (decrease) in current liabilities:
Accounts payable		3,979	(5,446)
Accrued expenses		284	(73)
Taxes other than income taxes payable		162	(180)
Income taxes payable		45	(148)
Changes in current assets and current liabilities		1,251	(478)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases		290	250
Income taxes paid (refunded), net		(882)	76
Operating cash flows
Operating Leases		199	216
Finance Leases		35	48
Financing cash flows
Finance Leases		63	32
Changes in lease balances resulting from new and modified leases, Operating Leases	[1]	315	163
Changes in lease balances resulting from new and modified leases, Finance Leases	[1]	46	1,495
Supplemental Cash Flow Information (Textual)
Proceeds from income tax refunds		$ 962
Decrease in receivables as a result of decrease in commodity prices and sales volumes			4,100
Increase (decrease) in income taxes receivable			440
MVP Terminal [Member]
Financing cash flows
Changes in lease balances resulting from new and modified leases, Finance Leases			1,400
Blender's Tax Credit Receivable [Member]
Supplemental Cash Flow Information (Textual)
Collection of blender's tax credit receivable			$ 449

[1]	Noncash activity for the six months ended June 30, 2020 primarily included $1.4 billion for a finance lease right-of-use asset and related liability recognized in connection with the terminaling agreement with MVP.

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Total gross fair value, assets	$ 696	$ 498
Effect of counterparty netting	(539)	(373)
Effect of cash collateral netting	(11)	(18)
Net carrying value on Balance Sheet, assets	146	107
Liabilities
Environmental credit obligations	37	96
Total gross fair value, liabilities	650	505
Effect of counterparty netting	(539)	(373)
Effect of cash collateral netting	(64)	(32)
Net carrying value on Balance Sheet, liabilities	47	100
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	87	82
Commodity Contracts [Member]
Assets
Derivative contracts	564	403
Effect of counterparty netting	(539)	(373)
Effect of cash collateral netting	(11)	(18)
Derivative contracts, net assets	14	12
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	603	405
Effect of counterparty netting	(539)	(373)
Effect of cash collateral netting	(64)	(32)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(124)	(44)
Physical Purchase Contracts [Member]
Assets
Derivative contracts	37	13
Derivative contracts, net assets	37	13
Liabilities
Derivative contracts	1
Derivative contracts, net liabilities	1
Foreign Currency Contracts [Member]
Assets
Derivative contracts	8
Derivative contracts, net assets	8
Liabilities
Derivative contracts	9	4
Derivative contracts, net liabilities	9	4
Fair Value, Inputs, Level 1 [Member]
Assets
Total gross fair value, assets	650	477
Liabilities
Environmental credit obligations	0	0
Total gross fair value, liabilities	612	409
Fair Value, Inputs, Level 1 [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	78	74
Fair Value, Inputs, Level 1 [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	564	403
Liabilities
Derivative contracts	603	405
Fair Value, Inputs, Level 1 [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0
Fair Value, Inputs, Level 1 [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts	8
Liabilities
Derivative contracts	9	4
Fair Value, Inputs, Level 2 [Member]
Assets
Total gross fair value, assets	37	13
Liabilities
Environmental credit obligations	37	96
Total gross fair value, liabilities	38	96
Fair Value, Inputs, Level 2 [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Fair Value, Inputs, Level 2 [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 2 [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts	37	13
Liabilities
Derivative contracts	1
Fair Value, Inputs, Level 2 [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member]
Assets
Total gross fair value, assets	9	8
Liabilities
Environmental credit obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Inputs, Level 3 [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	9	8
Fair Value, Inputs, Level 3 [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0
Fair Value, Inputs, Level 3 [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts	0
Liabilities
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents, at carrying amount	$ 3,572	$ 3,313
Financial liabilities:
Debt (excluding finance leases), at carrying amount	13,033	13,013
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents, at fair value	3,572	3,313
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance leases), at fair value	$ 15,224	$ 15,103

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)MBblsbu	Jun. 30, 2020USD ($)
Price Risk Management Activities (Textual)
Compliance program costs \| $	$ 25,249	$ 9,079	$ 44,241	$ 29,031
Environmental Compliance Program Price Risk [Member]
Price Risk Management Activities (Textual)
Compliance program costs \| $	635	$ 136	$ 995	$ 248
Derivatives Designated as Hedges [Member] \| Cash Flow Hedges [Member] \| Future, 2021 Maturity [Member] \| Long (Purchases) [Member] \| Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			456
Derivatives Designated as Hedges [Member] \| Cash Flow Hedges [Member] \| Future, 2021 Maturity [Member] \| Short (Sales) [Member] \| Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			1,339
Derivatives Designated as Hedges [Member] \| Cash Flow Hedges [Member] \| Future, 2022 Maturity [Member] \| Long (Purchases) [Member] \| Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Hedges [Member] \| Cash Flow Hedges [Member] \| Future, 2022 Maturity [Member] \| Short (Sales) [Member] \| Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Economic Hedges [Member] \| Future, 2021 Maturity [Member] \| Long (Purchases) [Member] \| Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			59,485
Derivatives Designated as Economic Hedges [Member] \| Future, 2021 Maturity [Member] \| Long (Purchases) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu			155,300
Derivatives Designated as Economic Hedges [Member] \| Future, 2021 Maturity [Member] \| Short (Sales) [Member] \| Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			58,970
Derivatives Designated as Economic Hedges [Member] \| Future, 2021 Maturity [Member] \| Short (Sales) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu			208,715
Derivatives Designated as Economic Hedges [Member] \| Future, 2022 Maturity [Member] \| Long (Purchases) [Member] \| Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			163
Derivatives Designated as Economic Hedges [Member] \| Future, 2022 Maturity [Member] \| Long (Purchases) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu			880
Derivatives Designated as Economic Hedges [Member] \| Future, 2022 Maturity [Member] \| Short (Sales) [Member] \| Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			55
Derivatives Designated as Economic Hedges [Member] \| Future, 2022 Maturity [Member] \| Short (Sales) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu			3,680
Derivatives Designated as Economic Hedges [Member] \| Physical Contracts, 2021 Maturity [Member] \| Long (Purchases) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu			52,574
Derivatives Designated as Economic Hedges [Member] \| Physical Contracts, 2022 Maturity [Member] \| Long (Purchases) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu			2,829
Derivatives Designated as Economic Hedges [Member] \| Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities \| $	645		$ 645
Derivatives Designated as Economic Hedges [Member] \| Foreign Exchange Contract, US Dollar Equivalent Canadian Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities \| $	1,800		1,800
Derivatives Designated as Economic Hedges [Member] \| Foreign Exchange Contract, Maturity on or Before July 28, 2021 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities \| $	1,400		1,400
Derivatives Designated as Economic Hedges [Member] \| Foreign Exchange Contract, Maturity by September 15, 2021 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities \| $	$ 1,000		$ 1,000

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives Designated as Hedging Instruments [Member] \| Commodity Contracts [Member] \| Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 6	$ 4
Derivative asset, fair value, gross liability	16	17
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	603	412
Derivative liability, fair value, gross liability	597	392
Derivatives Not Designated as Hedging Instruments [Member] \| Commodity Contracts [Member] \| Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	558	399
Derivative asset, fair value, gross liability	587	388
Derivatives Not Designated as Hedging Instruments [Member] \| Physical Purchase Contracts [Member] \| Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	37	13
Derivative asset, fair value, gross liability	1	0
Derivatives Not Designated as Hedging Instruments [Member] \| Foreign Currency Contracts [Member] \| Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	8	0
Derivative asset, fair value, gross liability	0	0
Derivatives Not Designated as Hedging Instruments [Member] \| Foreign Currency Contracts [Member] \| Accrued Expenses [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset	0	0
Derivative liability, fair value, gross liability	$ 9	$ 4

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss) on derivatives	$ (18)	$ (5)	$ (31)	$ 50
Commodity Contracts [Member] \| Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive loss into income	(11)	19	(34)	45
Commodity Contracts [Member] \| Revenues [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	13	9	20	1
Commodity Contracts [Member] \| Cost of Materials and Other [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	21	140	(57)	(12)
Commodity Contracts [Member] \| Operating Expenses (Excluding Depreciation and Amortization Expense) [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	2	4	3	2
Foreign Currency Contracts [Member] \| Cost of Materials and Other [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	6	0	(2)	49
Foreign Currency Contracts [Member] \| Other Income, Net [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 53	$ 60	$ 83	$ (105)